Made an error - What to do?

[theresebne]

So, my first time buying, just for fun I don't believe I'll be doing much, just wanted some stocks to buy and leave.
However, like an idiot, got a little confused while buying stock of PYL. Thought I was buying at $0.50 (which is probably still too high, as it starts at $0.20), and bought at $0.895 - boo!

Could someone please give me some advice... What I'm thinking I want to do (I am fully aware I'll probably lose a little bit of cash backtracking like this), is wait for it to hit at least $0.895 again and SELL.... Then wait for it to drop back down and buy them cheap.

SOMEONE PLEASE HELP THIS STUPIDITY.

 

[galumay]

SOMEONE PLEASE HELP THIS STUPIDITY.

WHAT WERE YOU SMOKING!

Sorry, but its pretty funny, you managed to push the share price up 86% all on your own!!

I guess all you can do is hang in for the long run and hope that the hype and hot air somehow turn into profits and the share price rises to more than you paid for it, I wouldnt hold your breath tho'. (so to speak!)

EDIT _ actually looks like you might be able to get out at 75-76c, plenty of buyers there now! Thats what i would do, cut your losses, roll a spliff and put it down to .....stupidity! Amazing what you have done with a single trade in a crazy speculative stock! How many did you trade out of interest?

 

[burglar]

... SOMEONE PLEASE HELP THIS STUPIDITY.

Whatever you do, don't panic!

They are in the news.
They are topical.


They have momentum!

And best of all there is something of your capital left in them!!

I would put them for sale tomorrow, at todays high! (i.e. $0.92)
Meanwhile, I would be reading everything about PYL
But that's just me!! :

 

[burglar]

WHAT WERE YOU SMOKING!

Sorry, but its pretty funny, ...

Yeah. It is pretty funny!!
Reminds me of the time I did a typo.
I bought two lots instead of a buy, sell.

That typo made me $890 richer.

 

[galumay]

Yeah. It is pretty funny!!
Reminds me of the time I did a typo.
I bought two lots instead of a buy, sell.

That typo made me $890 richer.

I made a mistake of strategy one day and bought $10K shares in a company, went to sleep realising how badly I had broken my strategy and sold the next day for a small profit after costs. (about $200)

A important lesson that i was actually paid to learn!

 

[burglar]

Go you good thang!

 

[tech/a]

What's this all about.
The guy buys at 89.5 stock drops and he panics

Learn how to trade before you put down your hard earned.

Sell if your under financial stress.
Keep if you think it's going up.

 

[burglar]

What's this all about.
The guy buys at 89.5 stock drops and he panics

Learn how to trade before you put down your hard earned.

Maybe he bought "at market" with delayed data ... just guessing!
Not making excuses ...

 

[tech/a]

Maybe he bought "at market" with delayed data ... just guessing!
Not making excuses ...

The high was 92c??
It's called trading to some
Gambling to others.

 

[burglar]

... Thought I was buying at $0.50 ...

tech/a,
I think you missed this bit of the original post.

 

[pixel]

I think just about everyone of us has made a mistake or two in our time.
I remember an incident where I wanted to buy 50,000 of a rising stock, but butterfingered 650,000
Before I could change the order, it was already partly filled, and the order pad locked up. (Westpac does that sometimes, so beware!)
Luckily, it went up further and I managed to offload higher, as I had planned to do with the 50k all along.

In OP's case, it should be possible - with luck - to "correct" your mistake next Tuesday. I wouldn't bet on it making a huge profit, but with a mad scramble like PYL, you'll never know your luck.
If you have live data, i.e. if you can see Market Depth in real-time, you should be able to gauge the likely Opening price. Assuming you still want to sell (I'd definitely want to!) - this is how I'd go about it:

Watch the Depth screen before Market Open and monitor the IAP (Indicative Averaged start Price). Place an offer a good distance below the IAP, so you're certain to get taken out at Open. Make sure your offer is locked in by 10:06:30 am on Tuesday because that is the earliest time when Group 4 (letters N to R) hit their stagger time.
You may get lucky and some early enthusiasm pushes the IAP above $1. Or you may get only 70c.
The most important lesson, however: Regardless of whether you win or lose, etch it into your memory to be most careful next time and every time you place an order.
... and ALWAYS place orders "at Limit", never "at Market".

 

[burglar]

... Place an offer a good distance below the IAP, so you're certain to get taken out at Open. Make sure your offer is locked in by 10:06:30 am on Tuesday ...

@pixel
You always say it better than me.

@theresebne
Very sound advice from pixel.
Try to get the gist of what he suggests.
Not sure if a newbie would understand the nuances of the pre-open auction.

"above $1. Or you may get only 70c."
Sounds good to me.



My earlier suggestion would get you a
1.) "No sale" or
2.) "Partial fill" or
3.) Small loss after brokerage at 92c

 

[burglar]

Well!!
If the OP was another one of those one post people trying to pump ... bad luck!!
There was no pumping left in them.

 

[Pnut]

So, my first time buying, just for fun I don't believe I'll be doing much, just wanted some stocks to buy and leave.
However, like an idiot, got a little confused while buying stock of PYL. Thought I was buying at $0.50 (which is probably still too high, as it starts at $0.20), and bought at $0.895 - boo!

Could someone please give me some advice... What I'm thinking I want to do (I am fully aware I'll probably lose a little bit of cash backtracking like this), is wait for it to hit at least $0.895 again and SELL.... Then wait for it to drop back down and buy them cheap.

SOMEONE PLEASE HELP THIS STUPIDITY.

If you made a mistake just get out and don't do that again.
Start out small and get some experience then in a couple of years you will be better armed with knowledge and experience to not make these sort of mistakes.

My thoughts.
Pnut.